Hi folks
As always, clean, simple, and easy to understand for everyone.
Bitcoin - Pullback into Short
-----------------------------
Overview
Bitcoin is currently facing a support zone around the 37k ish level.
The 40k ish support zone turns now into a resistance.
We also have had a generally bearish movement (red Trendline) since 10th November 2021
The 40k is (now resistance) now matches the significant red down Trendline (yellow circle).
Multiple Scenarios
Scenario 1
We will see a pullback getting rejected by either the 40k ish resistance or the red Trendline. Going then down to the 37k ish support, breaking trough, having a small pullback, and moving further down to the 30k ish support level.
Scenario 2
Direct breakthrough the 37k ish support zone, pulling back to the Trendline or the 37k ish zone, which acts as a resistance and goes down from there.
Scenario 3
Full breakthrough on the weekend to the 30k support
Bullish scenarios?
As long as we are not breaking through that major red Trendline, I am not covering any kind of bullish scenarios.
Happy Trading
As always, clean, simple, and easy to understand for everyone.
Bitcoin - Pullback into Short
-----------------------------
Overview
Bitcoin is currently facing a support zone around the 37k ish level.
The 40k ish support zone turns now into a resistance.
We also have had a generally bearish movement (red Trendline) since 10th November 2021
The 40k is (now resistance) now matches the significant red down Trendline (yellow circle).
Multiple Scenarios
Scenario 1
We will see a pullback getting rejected by either the 40k ish resistance or the red Trendline. Going then down to the 37k ish support, breaking trough, having a small pullback, and moving further down to the 30k ish support level.
Scenario 2
Direct breakthrough the 37k ish support zone, pulling back to the Trendline or the 37k ish zone, which acts as a resistance and goes down from there.
Scenario 3
Full breakthrough on the weekend to the 30k support
Bullish scenarios?
As long as we are not breaking through that major red Trendline, I am not covering any kind of bullish scenarios.
Happy Trading